Defense expected to wrap up on Friday, says government hasn’t told the full story

During closing arguments for Martin Shkreli’s securities-fraud trial Thursday, a federal prosecutor told jurors they could now see “the whole picture,” that behind Mr. Shkreli’s hedge funds’ impressive performance reports, there was no cash, and behind his new pharmaceutical company, there were unauthorized stock transfers and improper payouts.

Mr. Shkreli’s lawyer, Ben Brafman, said the government hadn’t told the full story, and...